Glooko, the US-based producer of a remote diabetes patient monitoring system, secured $35m in funding on Tuesday from a consortium featuring consumer electronics company Samsung and medical device manufacturer Medtronic.
Diabetes equipment supplier Insulet and medical research group Mayo Clinic also took part in the round, which was led by growth equity firm Georgian Partners and backed by Canaan Partners and Social Capital. Samsung took part through early-stage investment unit Samsung Next.
Glooko operates a cloud-based diabetes management platform that provides personalised and actionable insights into a patient’s condition. The service is used by more than a million patients across more than 6,000 healthcare providers.
The money will fund recruitment across the company’s sales, marketing and development teams. Glooko also intends to boost its commercialisation activities in France, Germany, the UK, the Middle East and Asia, and hopes to strengthen its data analytics capabilities and artificial intelligence technology.
Samsung Ventures, another corporate venturing subsidiary of Samsung, previously backed an $8m investment led by Canaan with participation from Social Capital and Glooko co-founder Yogen Dalal as part of a merger with its competitor Diasend in September 2016.
Samsung and Medtronic had earlier taken part in a $16.5m series B round in 2015 with Canaan and Social Capital. That followed a $10.5m series A round closed in 2014 with the backing of Samsung, Social Capital, Lifeforce Ventures, Xtreme Labs and assorted angel investors.
Glooko had previously raised $1m in seed capital from Social Capital, Xtreme Labs and private investors in 2010.